Sharing saves time, income-driven repayment saves money

Sharing saves time, income-driven repayment saves money

Student loan repayment is complicated.  With the availability of income-driven repayment options like Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE), confusion can set in quickly.  The VIN Foundation Student Debt Center is here to help! The My Student Loans function and guides you through which repayment plans you can use and the Student Loan Repayment Simulator helps you figure out which plan you should use.

With the latest update, VIN Foundation added an important element to the Student Loan Repayment Simulator, a new Save/Share feature.  After taking the time to collect and enter all of your student loan information into the simulator, you don’t want to lose all of your hard work or have to enter it all again from scratch.  Now you can share the simulations you’ve run or save them to load again in the future.

Loan Repayment Summary

VIN Foundation Student Loan Repayment Simulator, Save/Share Feature

After you run a simulation, in the Loan Repayment Summary section or located along the right-hand part of the screen, you’ll see a “Save/Share” button.  Clicking that button will copy an encrypted hyperlink you can share with your family, friends, financial professionals, etc for discussing a repayment plan or asking questions about your simulation results.  Here’s a link to the simulation used to generate the image in this post.

With all of the different repayment options available, it’s worth taking the time now to run simulations and match your student loan repayment plan incorporating your family situation and financial goals.  

Dr. Tony Bartels graduated in 2012 from the Colorado State University combined MBA/DVM program and is an employee of the Veterinary Information Network (VIN) and a VIN Foundation Board member. He and his wife have more than $400,000 in veterinary-school debt that they manage using federal income-driven repayment plans. By necessity (and now obsession), his professional activities include researching and speaking on veterinary-student debt, providing guidance to colleagues on loan-repayment strategies and contributing to VIN Foundation initiatives.

Leave a Reply

No Comments

Post a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.